Petronet LNG. CMP: INR146 TP: INR205 Buy
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- Maryann Jackson
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1 BSE SENSEX S&P CNX 17,236 5,229 Bloomberg PLNG IN Equity Shares (m) Week Range (INR) 186/122 1,6,12 Rel. Perf. (%) 3/-11/-10 M.Cap. (INR b) M.Cap. (USD b) August QFY13 Results Update Sector: Oil & Gas Petronet LNG CMP: INR146 TP: INR205 Buy 1QFY13 numbers ahead of estimates: Petronet LNG's (PLNG) reported numbers for 1QFY13 were ahead of consensus/our estimates. EBITDA was INR4.6b v/s our estimate of INR4b. PAT was up 5% YoY and 10% QoQ at INR2.7b v/s our estimate of INR2.3b. Profitability was higher than we had expected despite lower volumes (127tbtu v/s our estimate of 131tbtu) due to: (a) higher implied marketing margin of USD0.64/mmbtu (v/s our estimate of USD0.28/mmbtu), and (b) INR200m savings on account of dry docking of one charter ship. Variation (in percentage terms) is higher at the PAT level due to lower interest expense and higher other income. Capacity expansion projects on track: PLNG expects to commission its Kochi terminal by December 2012 and also expects simultaneous completion of phase-i (44km) of its Kochi-Bangalore pipeline, through which it will supply gas. Further, it expects to complete (a) its second jetty project at Dahej by 4QFY14 (additional capacity of 3mmt), (b) Dahej expansion by the end of 2015 (taking overall capacity to 18mmt), and (c) Gangavaram terminal by the end of 2016 and interim FSRU (floating storage and re-gasification unit) by the end of Valuation and view: We expect PLNG to continue to benefit from India's large gas deficit through (a) higher utilization (>100%) levels, and (b) higher marketing margins on spot volumes. FY13 earnings would be muted - while the company would begin to account for Kochi terminal's depreciation in FY13, corresponding revenue contribution would start only in FY14. PLNG's next earnings growth cycle would come post FY13, led by (1) volume ramp-up at Kochi, and (2) commissioning of the second jetty at Dahej. We model Dahej volumes at 10.6/11.5mmt and Kochi volumes at 0.2/1.1mmt for FY13/14. The stock trades at 9.8x FY14E EPS of INR15. Our target price of INR205 is based on the average of two valuation methodologies (1) P/E (13x FY14E EPS), and (2) DCF (INR215). Maintain Buy. Harshad Borawake (HarshadBorawake@MotilalOswal.com); Deepak Dult (Deepak.Dult@MotilalOswal.com); Investors are advised to refer through disclosures made at the end of the Research Report. 1
2 Key concall highlights Spot LNG prices now prevailing at ~USD11/mmbtu: Management indicated that the spot LNG prices has fallen down to USD11/mmbtu. With the increase merchant power rates and fall in LNG prices, PLNG feels that the merchant power plants should be comfortable to buy LNG. In-talks with Yamal LNG project: Management confirmed that it is partner to the ongoing talks for 15% stake by consortium of ONGC, IOC in 15mmtpa Yamal LNG project in Russia. However, talks are at initial stages and decision would be taken in next two months. Too early to discuss Kochi Power Plant: Management indicated that, though the Kerala govt. has invited PLNG to setup a power plant in Kochi, it is too early to discuss the same as the talks are in the preliminary stage. INR200m savings on ship charter due to dry-docking: For its long-term volumes, PLNG charters 3 LNG ships (on day-rate basis), and dry-docking of one ship for a month saved INR200m for PLNG; while volumes will be compensated by efficient scheduling of other cargoes. As on 30 June 2012, cash balance and current investments stood at INR8.7b and INR2.5b, respectively. Gross Debt stood at INR30b, which includes INR20b for Kochi terminal. Volumes were down QoQ led by fertilizer plant shutdown; capacity utilization at 101% As against our estimate of 131tbtu, re-gasified volumes in 1QFY13 stood at 127tbtu (2.5mmt) v/s 133.4tbtu (2.7mmt) in 1QFY12 and 135btu (2.7mmt) in 4QFY12. Sales volumes during 1QFY13 were impacted by lower offtake by fertilizer companies which took seasonal shutdown in March and April. Also, the shutdown of fertilizer plants resulted in APM gas being available to other customers who shifted from LNG to APM gas in 1QFY13. Long term volume at 96tbtu was higher than FY12 average volume of 94tbtu. However, there was a sharp decline in re-gasification services volume from 15tbtu in 4QFY12 to 10.7tbtu in 1QFY13 and also in pure short term volumes from 26.5tbtu to 20.5tbtu. Strong marketing margins on short-term cargoes Adjusting for INR200m savings from ship charter, we estimate PLNG's marketing margins on spot cargoes at INR35/mmbtu (USD0.6/mmbtu). These are over and above its base re-gasification charges of INR35/mmbtu. Domestic gas scarcity to benefit PLNG RIL's KG-D6 gas production has fallen below 31mmscmd and is not expected to recover before FY15. Even production from other domestic fields is either flat or increasing at a very small pace. We believe that domestic gas scarcity augurs well for PLNG as imported LNG will be needed to meet the domestic shortfall. We expect continued natural gas demand-supply gap in India will help Petronet LNG to earn higher marketing margins in near to medium term. 1 August
3 Capacity utilization down at 101% Re-gasification volumes declined QoQ (tbtu) 1QFY13 EPS at INR3.6; annualized EPS of INR14.4 (FY12 EPS INR14.1) Source: Company, MOSL Expansion projects updates PLNG plans to expand its capacity from current 10mmtpa to 28mmtpa (Dahej: , Kochi: 5 and Gangavaram: 5). Kochi terminal to get complete by Dec-12: Management is confident of commissioning 5mmtpa Kochi terminal by Dec-12 and also expects completion of Phase-1 of Kochi-Bangalore pipeline by the same time. PLNG has spent INR34b so far of the total capex of ~INR45b, out of which INR14b was from internal accruals. Management guides for 16% IRR for its contracts at Kochi terminal with regasification charge ~USD1/mmbtu. Dahej second jetty completion by end of 4QFY14: PLNG expects to complete work on second jetty of Dahej by 4QFY14 which will increase capacity of terminal to 13mmtpa. The company has spent INR1b out of total project capex of INR10b. 1 August
4 Dahej capacity expansion by 2015-end: PLNG has plan to complete nameplate capacity expansion at Dahej terminal from 10mmtpa to 15mmtpa by 2015-end. Management expects FEED completion and EPC awarding to get complete by end PLNG has tied up 2.5mmtpa and 1mmtpa of its new capacity with GAIL and GSPC, respectively. GAIL and GSPC, in turn, will make equity investments and the advances will be adjusted against re-gas charges for quantity processed for them. Gangavaram project FEED under progress; target project completion by 2016-end: PLNG plans to set-up a 5mmtpa terminal at Gangavaram in Andhra Pradesh. Management expects completion of land terminal by 2016-end. For interim period, company has plan of leasing a floating storage re-gasification unit (FSRU). It expect to complete marine facilities required for FSRU handling by 2014-end. PLNG capacity to expand to 28mmtpa by FY16/17 Source: Company, MOSL Valuation and view We expect PLNG to continue to benefit from India's large gas deficit through a) higher utilization levels (>100% utilization) and b) marketing margins on spot volumes. FY13 earnings will be muted as Kochi terminal's depreciation would start coming in, corresponding revenue contribution would start accruing only in FY14. PLNG's next earnings growth cycle would come post FY13 led by (1) volume rampup at Kochi and (2) second jetty commissioning at Dahej. We model Dahej volumes at 10.6/11.5mmt and Kochi volumes at 0.2/1.1mmt in FY13/14, respectively. We are increasing our FY13 EPS by ~3% to factor in strong 1QFY13 results. The stock trades at 9.8x FY14E EPS of INR15. Our target price of INR205 is based on the average of two valuation methodologies (1) P/E (13x FY14E EPS), and (2) DCF (INR215). Maintain Buy. 1 August
5 Our Key Assumptions FY09 FY10 FY11 FY12 FY13E FY14E Exchange Rate (INR/USD) Capacity (mmt) Dahej Volume Kochi Volume Total (mmt) Utilization rate (%) Re-gassification Charges (INR/mmbtu) Dahej Long term Chg (%) Marketing margin Short term Kochi Long term Chg (%) 0.0 Marketing margin Short term Average EPS (INR) Source: Company, MOSL 1 August
6 Petronet LNG: an investment profile Company description Petronet LNG was formed as a joint venture by the government of India to import LNG and set up LNG terminals in India. Each promoter, GAIL, ONGC, IOCL and BPCL, holds 12.5% stake in Petronet. The company owns India's first LNG receiving and re-gasification terminal of 5mmtpa at Dahej commissioned in Feb-04 and is setting up 5mmtpa terminal at Kochi. It has a long-term contract of 7.5mmtpa with Ras Gas Qatar tied back-toback with customers in India. Key investment arguments Petronet has been increasing re-gasification charges by 5% every year leading to a stable income stream. It also earns premium margins on short term contracts enabling it to make 25% RoE. Its new terminal at Kochi is expected to get operational by FY13 and can be the next growth driver for the company. Petronet plans to add 8mmtpa capacity at Dahej and 5mmtpa capacity new terminal at Gangavaram in Andhra Pradesh. Key investments risks The long term gas sourcing is only from Ras gas Qatar, which is a notional risk. Petronet LNG's business is currently not governed by any regulation. Recently, concerns have emerged on the likely control of marketing margins. If this happens, it could pose a risk to its earnings. Recent developments Finalized the location of its 5mmtpa East Coast terminal at Gangavaram in Andhra Pradesh. In January 2012, Petronet increased its regasification charges by 5%. Valuation and view The stock trades at 9.8x FY14E EPS of INR15. Our target for Petronet is INR205/sh based on average of DCF and PE methodology. Maintain Buy. Sector view Decline in the KG-D6 gas supply and delay in the likely increase augurs well for the LNG terminals in the country. We expect gas supply in India to remain constrained in coming years, thereby benefitting the LNG importers like Petronet LNG. Target price and recommendation Current Target Upside Reco. Price (INR) Price (INR) (%) Buy EPS: MOSL forecast v/s consensus (INR) MOSL Consensus Variation Forecast Forecast (%) FY FY Stock performance (1 year) Shareholding pattern (%) Jun-12 Mar-12 Jun-11 Promoter Domestic Inst Foreign Others August
7 Financials and Valuation 1 August
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BSE SENSEX S&P CNX 16,786 5,050 Bloomberg LT IN Equity Shares (m) 608.9 52-Week Range (INR) 1,933/971 1,6,12 Rel. Perf. (%) 20/-19/-11 M.Cap. (INR b) 778.1 M.Cap. (USD b) 15.5 * Consolidated; EPS is fully
More informationCMP: INR415 TP: INR 471 BUY
04 Mar 2013 Update Sector: Technology Wipro CMP: INR415 TP: INR 471 BUY Pipeline and deal signings suggest improvement in growth; Multiple levers and focus on productivity will cushion margin headwinds
More informationSteel Authority of India
BSE SENSEX S&P CNX 16,439 4,990 4QFY12 Results Update Sector: Metals Steel Authority of India CMP: INR93 TP: INR99 Sell Bloomberg SAIL IN Equity Shares (m) 4,130.4 52-Week Range (INR) 151/73 1,6,12 Rel.
More informationJinesh Gandhi Sandipan Pal
BSE Sensex S&P CNX 20,224 6,157 Bloomberg BCORP IN Equity Shares (m) 77.0 M.Cap. (INR b)/(usd b) 20.5/0.4 52-Week Range (INR) 342/202 1,6,12 Rel. Perf. (%) 6/-15/-23 Financials & Valuation (INR b) Y/E
More informationJubilant Foodworks. CMP: INR1,051 TP: INR1,054 Neutral
BSE SENSEX S&P CNX 16,420 4,966 Bloomberg JUBI IN Equity Shares (m) 63.5 52-Week Range (INR) 1,144/536 1,6,12 Rel. Perf. (%) -6/37/53 M.Cap. (INR b) 66.7 M.Cap. (USD b) 1.3 11 May 2012 4QFY12 Results Update
More informationKotak Mahindra Bank. CMP: INR626 TP: INR500 Neutral
BSE SENSEX S&P CNX 18,759 5,705 Bloomberg KMB IN Equity Shares (m) 740.7 52-Week Range (INR) 652/418 1,6,12 Rel.Perf.(%) -3/-2/18 M.Cap. (INR b) 463.4 M.Cap. (USD b) 8.6 26 October 2012 2QFY13 Results
More informationIdea Cellular. CMP: INR159 TP: INR200 Buy
BSE SENSEX S&P CNX 19,164 5,678 Bloomberg IDEA IN Equity Shares (m) 3,316.2 M.Cap. (INR b) / (USD b) 513.7/8.4 52-Week Range (INR) 176/72 1, 6, 12 Rel. Per (%) 12/45/83 Financials & Valuation (INR Billion)
More informationShree Renuka Sugars. CMP: INR26 TP: INR45 Buy
BSE SENSEX S&P CNX 16,219 4,924 1 June 2012 6QSY12 Results Update Sector: Sugar CMP: INR26 TP: INR45 Buy Bloomberg SHRS IN Equity Shares (m) 671.0 52-Week Range (INR) 76/23 1,6,12 Rel. Perf. (%) -10/-16/-45
More informationAxis Bank. CMP: INR1,119 TP: INR1,330 Buy
BSE SENSEX S&P CNX 18,714 5,687 Bloomberg AXSB IN Equity Shares (m) 413.2 52-Week Range (INR) 1,309/785 1,6,12 Rel.Perf.(%) 9/-16/-8 M.Cap. (INR b) 462.4 M.Cap. (USD b) 8.7 16 October 2012 2QFY13 Results
More informationTata Power. CMP: INR111 TP: INR92 Neutral
BSE SENSEX S&P CNX 17,749 5,382 Bloomberg TPWR IN Equity Shares (m) 2,373.3 52-Week Range (INR) 135/81 1,6,12 Rel. Perf. (%) 10/-5/-10 M.Cap. (INR b) 263.9 M.Cap. (USD b) 5.3 13 February 2012 3QFY12 Results
More informationAxis Bank. CMP: INR1,008 TP: INR1,240 Buy
BSE SENSEX S&P CNX 16,739 5,049 Bloomberg AXSB IN Equity Shares (m) 410.5 52-Week Range 1,461/785 1,6,12 Rel.Perf.(%) 11/-9/-9 M.Cap. (INR b) 413.8 M.Cap. (USD b) 8.2 20 January 2012 Results Update Sector:
More informationSiddharth Bothra
BSE Sensex S&P CNX 19,152 5,797 Bloomberg CSTRL IN Equity Shares (m) 494.6 M.Cap. (INR b)/(usd b) 158/2.9 52-Week Range (INR) 338/223 1,6,12 Rel. Perf. (%) 12/-3/26 Financials & Valuation (INR b) Y/E March
More informationMaruti Suzuki. CMP: INR1,395 TP: INR1,730 Buy
BSE SENSEX S&P CNX 18,431 5,598 Bloomberg MSIL IN Diluted Equity Shares (m) 302.1 52-Week Range (INR) 1,498/906 1,6,12 Rel.Perf.(%) 5/-5/20 M.Cap. (INR b) 421.3 M.Cap. (USD b) 7.8 31 October 2012 2QFY13
More informationJinesh Gandhi Chirag Jain
BSE Sensex S&P CNX 19,561 5,923 Bloomberg EIM IN Equity Shares (m) 27.0 M.Cap. (INR b)/(usd b) 72.0/1.3 52-Week Range 3,240/1,620 1,6,12 Rel. Perf. (%) -4/17/40 Financials & Valuation (INR b) Y/E Dec 2013E
More informationBHEL. CMP: INR227 TP: INR233 Neutral
BSE SENSEX S&P CNX 18,636 5,666 Bloomberg BHEL IN Equity Shares (m) 2,447.6 52-Week Range (INR) 368/198 1,6,12 Rel. Perf. (%) -7/-7/-35 M.Cap. (INR b) 556.2 M.Cap. (USD b) 10.3 30 October 2012 2QFY13 Results
More informationDabur India. CMP: INR130 TP: INR135 Neutral
BSE SENSEX S&P CNX 18,625 5,664 29 October 2012 2QFY13 Results Update Sector: Consumer Dabur India CMP: INR130 TP: INR135 Neutral Bloomberg DABUR IN Equity Shares (m) 1,740.7 52-Week Range (Rs) 139/92
More informationDabur India. CMP: INR106 TP: INR94 Neutral
28 July 2011 1QFY12 Results Update Sector: FMCG BSE SENSEX S&P CNX 18,210 5,488 Dabur India CMP: INR106 TP: INR94 Neutral Bloomberg DABUR IN Equity Shares (m) 1,740.0 52-Week Range (INR) 122/87 1,6,12
More informationPunjab National Bank. CMP: INR768 TP: INR963 Buy
BSE SENSEX S&P CNX 16,480 4,975 Bloomberg PNB IN Equity Shares (m) 339.2 52-Week Range (INR) 1,200/751 1,6,12 Rel.Perf.(%) -12/-16/-18 M.Cap. (INR b) 260.5 M.Cap. (USD b) 4.8 10 May 2012 4QFY12 Results
More informationHardick Bora 4QCY12 Results Update Sector: Healthcare Sanofi India CMP: INR2,307 TP: INR2,015 Neutral
BSE Sensex S&P CNX 19,332 5,855 Bloomberg SANL IN Equity Shares (m) 23.0 M.Cap. (INR b)/(usd b) 53.1/1.0 52-Week Range (INR) 2,450/2,002 1,6,12 Rel. Perf. (%) 9/-1/-4 Financials & Valuation (INR b) Y/E
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BSE SENSEX S&P CNX 18,755 5,698 Bloomberg GCPL IN Equity Shares (m) 340.3 52-Week Range (INR) 745/370 1,6,12 Rel. Perf. (%) 4/17/67 M.Cap. (INR b) 246.4 M.Cap. (USD b) 4.6 5 November 2012 2QFY13 Results
More informationPantaloon Retail. CMP: INR177 TP: INR192 Neutral
BSE SENSEX S&P CNX 17,773 5,390 Bloomberg PF IN Equity Shares (m) 217.1 52-Week Range (INR) 364/125 1,6,12 Rel. Perf. (%) 9/-49/-29 M.Cap. (Rs b) 38.4 M.Cap. (US$ b) 0.8 14 February 2012 2QFY12 Results
More informationSandipan Pal QFY13 Results Update Sector: Real Estate Unitech CMP: INR29 TP: INR44 Buy
BSE Sensex S&P CNX 19,608 5,933 Bloomberg UT IN Equity Shares (m) 2,438.8 M.Cap. (INR b)/(usd b) 70/1.3 52-Week Range (INR) 41/18 1,6,12 Rel. Perf. (%) -27/24/-13 Financials & Valuation (INR b) Y/E March
More informationMarket share recovery, price hike, content leverage to drive growth
BSE Sensex S&P CNX 24,377 7,276 Stock Info Bloomberg DITV IN Equity Shares (m) 1,064.8 52-Week Range (INR) 71/40 1, 6, 12 Rel. Per (%) 6/-15/-41 M.Cap. (INR b) 58.2 M.Cap. (USD b) 1.0 Financial Snapshot
More informationHindustan Unilever. CMP:INR324 TP:INR302 Neutral
BSE SENSEX S&P CNX 18,197 5,482 29 July 2011 1QFY12 Results Update Sector: FMCG Hindustan Unilever CMP:INR324 TP:INR302 Neutral Bloomberg HUVR IN Equity Shares (m) 2,159.5 52-Week Range (INR) 347/250 1,6,12
More informationJaypee Infratech. CMP: INR33 TP: INR45 Buy
BSE SENSEX S&P CNX 2,550,318 Bloomberg JPIN IN Equity Shares (m) 1,388.9 M.Cap. (INR b) / (USD b) 51.3/0.9 52-Week Range (INR) 2/1 1,, 12 Rel. Per (%) 1/9/-3 Financials & Valuation (INR m) Y/E Mar 201
More informationPunjab National Bank. CMP: INR940 TP: INR1,275 Buy
BSE SENSEX S&P CNX 17,194 5,199 Bloomberg PNB IN Equity Shares (m) 316.8 52-Week Range (INR) 1,234/751 1,6,12 Rel.Perf.(%) 9/-10/-9 M.Cap. (INR b) 297.7 M.Cap. (USD b) 6.0 1 February 2012 3QFY12 Results
More informationStress test: Weak capital servicing ratios to drive pricing discipline
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More informationGodrej Properties. CMP: INR595 TP: INR635 Neutral
BSE SENSEX S&P CNX 16,913 5,114 Bloomberg GPL IN Equity Shares (m) 78.0 52-Week Range 845/570 1,6,12 Rel. Perf. (%) 0/-9/-2 M.Cap. (INR b) 46.4 M.Cap. (USD b) 0.9 4QFY12 Results Update Sector: Real Estate
More informationRaymond. Restructuring initiatives bearing fruit; Land bank base case value INR147/share; Reiterate Buy. CMP: INR385 TP: INR462 Buy
14 June 2012 Update Raymond CMP: INR385 TP: INR462 Buy Restructuring initiatives bearing fruit; Land bank base case value INR147/share; Reiterate Buy We met the management of Raymond (RW IN, Mkt Cap USD0.4b,
More informationOberoi Realty. CMP: INR269 TP: INR320 Buy
BSE SENSEX S&P CNX 18,682 5,684 Bloomberg OBER IN Equity Shares (m) 328.2 52-Week Range (INR) 323/205 1,6,12 Rel. Perf. (%) 13/-7/7 M.Cap. (INR b) 88.3 M.Cap. (USD b) 1.6 22 October 2012 2QFY13 Results
More informationUrban demand revives; Akzo gaining market share
BSE Sensex S&P CNX 22,095 6,601 CMP: INR889 26 March 2014 Update Sector: Consumer Not Rated Urban demand revives; Akzo gaining market share Reiterates focus on Profitable growth Urban demand for Decorative
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BSE SENSEX S&P CNX 16,839 5,100 Bloomberg BCORP IN Equity Shares (m) 77.0 52-Week Range (INR) 348/211 1,6,12 Rel. Perf. (%) -5/-19/-25 M.Cap. (INR b) 16.6 M.Cap. (USD b) 0.3 30 July 2012 1QFY13 Results
More informationPhoenix Mills. CMP: INR184 TP: INR255 Buy
BSE SENSEX S&P CNX 16,439 4,990 Bloomberg PHNX IN Equity Shares (m) 144.8 52-Week Range (INR) 229/149 1,6,12 Rel. Perf. (%) -8/-5/10 M.Cap. (INR b) 26.8 M.Cap. (USD b) 0.5 30 May 2012 4QFY12 Results Update
More informationGodrej Properties. CMP: INR368 TP: INR420 Neutral
BSE SENSEX S&P CNX 21,034 6,252 Bloomberg GPL IN Equity Shares (m) 99.6 M.Cap. (INR b) / (USD b) 36.4/ 0.7 52-Week Range (INR) 641/340 1, 6, 12 Rel. Per (%) -1/-44/-47 Financials & Valuation (INR b) Y/E
More informationAlpesh Mehta Sohail Halai
BSE Sensex S&P CNX 19,664 5,969 Bloomberg IIB IN Equity Shares (m) 521.8 M. Cap. (INR b)/(usd b) 227/4.1 52-Week Range (INR) 441/242 1,6,12 Rel.Perf.(%) 3/15/52 Financials & Valuation (INR b) Y/E March
More informationSun Pharmaceuticals. CMP: INR554 TP: INR614 Neutral
BSE SENSEX S&P CNX 17,849 5,416 Bloomberg SUNP IN Equity Shares (m) 1,035.6 52-Week Range (INR) 566/404 1,6,12 Rel. Perf. (%) -3/10/31 M.Cap. (INR b) 573.7 M.Cap. (USD b) 11.6 15 February 2012 3QFY12 Results
More informationThermax. CMP: INR522 TP: INR414 Neutral
BSE SENSEX S&P CNX 17,605 5,326 Bloomberg TMX IN Equity Shares (m) 119.2 52-Week Range (INR) 720/388 1,6,12 Rel. Perf. (%) 14/1/-21 M.Cap. (INR b) 60.3 M.Cap. (USD b) 1.1 3 February 2012 3QFY12 Results
More informationAmara Raja Batteries. CMP: INR517 TP: INR560 Buy
BSE SENSEX S&P CNX 25,665 7,672 Bloomberg AMRJ IN Equity Shares (m) 170.8 M.Cap. (INR b) / (USD b) 88.2/1.4 52-Week Range (INR) 520/208 1, 6, 12 Rel. Per (%) 5/21/97 Financials & Valuation (INR Million)
More informationTribhovandas Bhimji Zaveri
24 April 2012 Update CMP INR TP INR TRIBHOVANDAS BHIMJI ZAVERI Pure jewellery retail play with strong brand; Execution risks priced in; Subscribe (TBZ) is a pure play on the fast-growing branded jewellery
More informationOberoi Realty. CMP: INR264 TP: INR315 Buy
BSE SENSEX S&P CNX 17,151 5,202 Bloomberg OBER IN Equity Shares (m) 328.2 52-Week Range (INR) 323/205 1,6,12 Rel. Perf. (%) 4/15/16 M.Cap. (INR b) 87.0 M.Cap. (USD b) 1.7 26 April 2012 4QFY12 Results Update
More informationHardick Bora 4QFY13 Results Update Sector: Healthcare Dr Reddy's Laboratories CMP: INR2,026 TP: INR2,375 Buy
BSE Sensex S&P CNX 19,772 5,995 Bloomberg DRRD IN Equity Shares (m) 169.2 M.Cap. (INR b)/(usd b) 344/6.3 52-Week Range (INR) 2,151/1,528 1,6,12 Rel. Perf. (%) -2/9/0 Financials & Valuation (INR b) Y/E
More informationJinesh Gandhi Chirag Jain
BSE Sensex S&P CNX 19,722 5,995 Bloomberg EIM IN Equity Shares (m) 27.0 M.Cap. (INR b)/(usd b) 88.1/1.6 52-Week Range (INR) 3,285/1,620 1,6,12 Rel. Perf. (%) 10/20/36 Financials & Valuation (INR b) Y/E
More informationCoal India. CMP: INR322 TP: INR370 Buy
BSE SENSEX S&P CNX 16,439 4,990 Bloomberg COAL IN Equity Shares (m) 6,316.4 52-Week Range (INR) 422/294 1,6,12 Rel. Perf. (%) -4/-3/-7 M.Cap. (INR b) 2,033.9 M.Cap. (USD b) 36.4 30 May 2012 4QFY12 Results
More informationCross service charges at INR m/quarter
BSE SENSEX S&P CNX 19,636 5,940 Cummins India CMP: INR504 TP: INR585 Buy LHP products to be an important growth driver Cross service charges at INR100-200m/quarter 20 February 2013 Update Sector: Capital
More informationShree Renuka Sugars. CMP: INR41 TP: INR50 Buy
BSE SENSEX S&P CNX 18,202 5,532 Bloomberg SHRS IN Equity Shares (m) 671.0 52-Week Range (INR) 87/23 1,6,12 Rel. Perf. (%) 14/-39/-51 M.Cap. (INR b) 27.3 M.Cap. (USD b) 0.6 16 February 2012 5QSY12 Results
More informationONGC. CMP: INR402 TP: INR485 Buy
BSE SENSEX S&P CNX 25,919 7,740 Bloomberg ONGC IN Equity Shares (m) 8,555.5 M.Cap. (INR b) / (USD b) 3,437.6/56.1 52-Week Range (INR) 472/234 1, 6, 12 Rel. Per (%) -4/19/11 Financials & Valuation (INR
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BSE Sensex S&P CNX 20,860 6,217 19 December 2013 Update Sector: Capital Goods Cummins India CMP: INR461 TP: INR540 Buy Stock Info Bloomberg KKC IN Equity Shares (m) 277.2 52-Week Range (INR) 550/365 1,
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BSE Sensex S&P CNX 19,990 6,069 Bloomberg LPC IN Equity Shares (m) 447.6 M.Cap. (INR b)/(usd b) 324.5/6.0 52-Week Range (INR) 739/507 1,6,12 Rel. Perf. (%) 9/18/13 Financials & Valuation (INR b) Y/E March
More informationJust Dial. CMP: INR1,129 TP: INR1,475 Buy
BSE SENSEX S&P CNX 23,871 7,109 Bloomberg JUST IN Equity Shares (m) 70.2 M.Cap. (INR b) / (USD b) 79.2/1.3 52-Week Range (INR) 1,774/589 1, 6, 12 Rel. Per (%) -18/-7/- Financials & Valuation (INR m) Y/E
More informationTorrent Pharmaceuticals
BSE SENSEX S&P CNX 21,338 6,339 Bloomberg TRP IN Equity Shares (m) 169.2 M.Cap. (INR b) / (USD b) 80.4/1.3 52-Week Range (INR) 535/324 1, 6, 12 Rel.Per (%) 4/12/32 Financials & Valuation (INR Million)
More informationCMP: INR401 TP: INR516 Buy. * After ESOP charges; # Axon consolidated in December 2008
19 October 2011 1QFY12 Results Update Sector: Technology BSE SENSEX S&P CNX 16,748 5,038 Bloomberg HCLT IN Equity Shares (m) 700.9 52-Week Range (INR) 528/360 1,6,12 Rel. Perf. (%) 4/-1/7 M.Cap. (INR b)
More informationReliance Industries. CMP: INR723 TP: INR772 Neutral
BSE SENSEX S&P CNX 17,158 5,205 Bloomberg RIL IN Equity Shares (m) 3,242.5 52-Week Range (INR) 902/674 1,6,12 Rel. Perf. (%) -4/-11/-10 M.Cap. (INR b) 2,344.3 M.Cap. (USD b) 42.4 21 July 2012 1QFY13 Results
More informationShoppers Stop. CMP: INR339 TP: INR355 Neutral
BSE SENSEX S&P CNX 20,684 6,145 Bloomberg SHOP IN Equity Shares (m) 83.1 M.Cap. (INR b) / (USD b) 28.1/0.5 52-Week Range (INR) 494/331 1, 6, 12 Rel. Per (%) -7/-16/-28 Financials & Valuation (INR b) Y/E
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BSE SENSEX S&P CNX 16,739 5,049 Bloomberg ITC IN Equity Shares (m) 7,738.1 52-Week Range (INR) 211/149 1,6,12 Rel. Perf. (%) 3/23/38 M.Cap. (INR b) 1,601.0 M.Cap. (USD b) 32.1 21 January 2012 Results Update
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Sector Update 18 July 2017 Oil & Gas Motilal Oswal values your support in the Asiamoney Brokers Poll 2017 for India Research, Sales and Trading team. We request your ballot. Refer to our report on Oil
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BSE Sensex S&P CNX 19,895 6,035 Bloomberg GRASIM IN Equity Shares (m) 91.7 M.Cap. (INR b)/(usd b) 275.8/5.2 52-Week Range (INR) 3,511/2,216 1,6,12 Rel. Perf. (%) -8/-12/-1 Financials & Valuation (INR b)
More informationPunjab National Bank. CMP: INR760 TP: INR964 Buy Asset quality deteriorates; asset-liability well-matched Highlights of FY12 Annual Report
BSE SENSEX S&P CNX 16,706 5,064 19 June 2012 Annual Report Update Sector: Financials Punjab National Bank CMP: INR760 TP: INR964 Buy Asset quality deteriorates; asset-liability well-matched Highlights
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BSE SENSEX S&P CNX 30,248 9,407 Bloomberg PLNG IN Equity Shares (m) 750 M.Cap.(INRb)/(USDb) 326.3 / 4.8 52-Week Range (INR) 454/253 1, 6, 12 Rel. Per (%) 5/2/40 Avg Val, INRm 668 Free float (%) 50.0 Financials
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BSE SENSEX S&P CNX 16,739 5,049 Bloomberg GCPL IN Equity Shares (m) 323.6 52-Week Range (INR) 464/325 1,6,12 Rel. Perf. (%) 3/3/16 M.Cap. (INR b) 135.6 M.Cap. (USD b) 2.7 24 January 2012 3QFY12 Results
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